Everyone who knows anything about the economy or the Internet probably has an opinion about bitcoin. It is like the universal polarizing figure in currency. Opinions range from its failure in the next couple months to its cultural permeation on a global scale. The facts only tell so much. It says that it is a famous crypto currency that can be traded on a global scale instantly. They tell us that bitcoin has values that change every couple weeks, so investors are holding onto them in hopes that the value will go up. Whether this is the case or not is still completely up in the air. Fortunately for the odd coin, it has a number of features that are really working in its favor, especially around its speed of transfer.
Banks and Slow Money
Many banking institutions may claim that their transactions are instant, but they rarely are. Unless one is depositing cash into their own bank account, nothing is ever instant. A check from one bank to another could take 3 to 5 or even a week or two for the funds to clear. Neither bank wants to be responsible for holding onto bad money, so there’s this waiting game between the two parties. International wire transfers are equally frustrating, taking days to get to where they need to go. This is the case for every regular Joe out there that is trying to work on the global market in some way.
It is Instant
This all leads to the one truth about bitcoin that is helping its longevity- it is fast. Not only is it fast, but it is instant. Transfers move to something called an e-wallet. Every e-wallet is tied to a specific bitcoin owner which is subsequently tied to an identification number. So senders input the identification number and the name of where they want the coins to go to, and it will go to them no matter where they are the country. It is all occurring online through the e-wallet platform.
This is just one feature of the coin, but there are many others. Getting involved with bitcoin through resources such as Satoshi Slot could be an exciting way to answer this new territory.